Less than one in five (19%) of people said they would consider downsizing their home in retirement.

Almost half (48%) said they wouldn’t while the remainder said they were unsure.

The figures come from a new Hargreaves Lansdown study which showed older people are less likely to consider downsizing.

Only 14% of those aged 55+ said they would consider downsizing compared to 23% of those aged 18-34.

When asked why they wouldn’t consider downsizing, 37% said they didn’t want to move anywhere smaller, while a further third said they were attached to their home.

Cost was another important factor, with 21% saying it was too expensive to move and a further 8% citing stamp duty as a factor. 7% believed they wouldn’t raise enough to make a move worthwhile.

Helen Morrissey, head of retirement analysis, Hargreaves Lansdown, said: “For many the downsizing dream does not match up to reality – less than one in five of us would consider moving, with people becoming more reluctant the older they get.”

She said people don’t want to move anywhere smaller often because the children who have left may have been replaced by grandchildren who visit regularly.

She added that people may have brought up their family in a property and will be reluctant to move away from an area where they have friends and connections.

But she pointed out that there are reasons why downsizing could be on more people’s minds in the coming year. “The inclusion of pensions in people’s estates for inheritance tax purposes from April 2027 will bring many more estates into the taxpaying net, prompting the need to look at ways to reduce the size of their overall estate.

“It could prompt people to consider downsizing so they can give away the lump sums raised to loved ones sooner rather than later, to reduce the value of their estate. It’s a decision that requires careful thought.”

• The survey of 1,500 people was conducted by Opinium on behalf of HL in October 2025.